[雙語翻譯]房地產外文翻譯--關于國際房地產市場的一些考慮——當前和未來的預測

1、6400 英文單詞， 英文單詞，3.2 萬英文字符，中文 萬英文字符，中文 9300 字文獻出處： 文獻出處：Anghel I, Hristea A M. Some Considerations Regarding the International Real Estate Market – Present and Future Predictions [J]. Procedia Economics & Finance, 201

2、5, 32:1442-1452.Some considerations regarding the international real estate market – present and future predictionsIon Anghel, Anca Maria HristeaAbstractThe purpose of this paper is to analyze the situation of the real e

3、state market worldwide, to identify the main characteristics that influence the decision to invest, to find the correlation between the real estate market and the financial one and to present the most recent estimations

4、regarding the future evolution of the international real estate market. The financial crisis that began in the second half of the last decade created imbalances in all the fields of the economic and social life and provo

5、ked very interesting mutations. The international real estate marked was confronted with important changes of rhythm, as dimensions and structures, as well as intervention levers. Some effects of the generalized economic

6、 crisis such as: the growth of the unemployment rate, the reduction of the purchasing power or the intensification of the migration process of the active population have deepen the gaps between the rhythms of the dynamic

7、s of the real estate investments at a national level and they led to the most unexpected decisions. In the last several years, the imbalances between the financial market and the monetary market generated instabilities

8、at a world scale and speculative policies, that in some countries accentuated the uncertainties and they delayed the start towards economic revival, and in other countries they constituted strong points in redefining fut

9、ure strategies for development. From a geographical point of view, the new map of the real estate markets will offer a completely different from the one that existed until 2007. A new generation of “Asian tigers” looks t

10、o dominate the real estate market and countries like Qatar, Chile or India will define themselves as area of maximum interest for the real estate investors.Keywords: real estate market, investment property, price, transa

11、ction, value.1. IntroductionIn the last two decades, the real estate market, just like all the global economic segments, was confronted with important mutations, under the aspect of dimension and structure and under the

12、aspect of the intervention levers that in a moment or another have triggered real revolutions. The internationalization of the national economies, the liberalization of the circulation of the work force, the permanent re

13、defining of the monetary and fiscal policies, the increasing of the role of the direct foreign investments or the changing of the consumers’ preferences are just a few landmarks that have shaped during the years a certai

14、n profile of the real estate market. This market is conditioned in a crucial manner by the state of health of the financial market. Without a healthy financial system, in which the governments play a decisive role in cre

15、ating and maintaining it, it is difficult to mobilize the economies or to budget the capitals in an efficient manner (Stiglitz, 1999). In the last twenty years, the globalization of the financing has a significant contri

16、bution to the economic growth at a global level. Still, the globalization phenomenon has negative consequences as well, because a zones imbalance allows the spreading of the crisis throughout the whole global investment

17、s in international properties, among the reasons is being mentioned the better flow than in the case of the assets from the internal markets.2. Fundamental characteristics of the real estate marketNo matter the geographi

18、cal coordinates and its type (residential, commercial, industrial, and agricultural or with special character), the real estate market differentiates itself from all the other categories of markets of products or service

19、s due to its complexity and its peculiarities (Anghel I, 2013):? It is a material market in which each product is unique and placed on a fixed location.? It addresses a narrow segment of customers, because the sales and

20、purchases’ number within the limits of a time and spatial frame is limited.? The real estate market is very sensitive to the fluctuations of the economic-social phenomena (the unemployment evolution, the rising of the sa

21、laries, financial stability, demographic dimension etc) because the value of the real estate properties is big and it needs a high purchase power.? The selling-purchase decisions depend in a great measure of the financin

22、g modalities that are chosen, by the value of the credit that can be obtained, by the lending conditions (the value of the advance money, the interests’ rate, the duration of reimbursement, the required warranties etc).?

23、 Between the supply and demand it tends to be a permanent imbalance because the big duration of execution of the real estate products and the obtaining of the financing does not offer warranties and certitudes on the mom

24、ent of the transaction.? Unlike other markets, the real estate one does not self regularize, but it is strongly regularized through the state’s and local authorities’ intervention.? Through its nature the degree of infor

25、mation of the buyers and sellers regarding the offer price or past transactions with similar properties is reduced because the data are not available immediately.? The real estate market does not include standardized pro

26、ducts, and this is the reason why the behavior of the customers cannot be anticipated.? In the real estate field the volatility of the demand is big, because there can be important changes in the structure and the size o

27、f the population.? The real estate market presents a small degree of liquidity. The real estate properties are durable products, that can be transacted at big time intervals, because they have high values and the financi

28、ng cannot be obtained immediately (Hristea, 2013).A fundamental characteristic of the real estate market is the major impact that the psychologic factor has on the rapid and brutal movement of prices. In one of his inter

29、views Robert Shiller, a Yale University professor, said that in the real estate the perception of the real estate properties as an investment determines cycles with a speculative character (Shiller, 2012). The real estat

30、e market is dominated by irrational exuberance and in consequence it is a very risky sector. From this point of view the real estate market from Romania can be compared with the development of a wild animal: you don’t kn

31、ow what it is going to do from one minute to another (Gheorghiu, 2013). The permanent analysis of the market is the base for the determination of the best utilization of a property. An existing construction or a construc

32、tion that is made for a certain utilization can be accepted, depending on the criteria of the financial feasibility and of the maximum flow, only after it has been proven that there is an adequate confirmation on the mar